Jio Financial And BlackRock To Form Joint Venture For Wealth Business In India
Jio Financial Services Ltd. has announced the formation of a 50:50 joint venture with BlackRock and BlackRock Advisors Singapore Pte., according to an exchange filing on Monday. The new venture will solely be for undertaking wealth management business in India. It will also include the incorporation of a wealth management company and a brokerage company in India.
The announcement comes in response to JFS's plans to launch new business ventures. In its Q2 FY24 results, the company proposed an asset management joint venture with BlackRock. However, back then, it did not disclose all the details.
While the agreement has now been signed, the launch of wealth management and broking businesses will still be subject to regulatory and statutory approvals.
In its Q3 results investor presentation, the company also announced its plans to launch a leasing business under Jio Information Aggregator Services Ltd., along with supply chain financing.
The latter would address the working capital needs of suppliers.
In the quarter ended December, the company's standalone bottom line fell 20.6% quarter-on-quarter to Rs 70.48 crore.
The decline in profit was largely due to higher other operating expenses, which rose 69.2% sequentially to Rs 22 crore. Staff expenses increased 16.6% quarter-on-quarter to Rs 14 crore.
On a consolidated basis, the company's net profit fell 56% to Rs 293.8 crore quarter-on-quarter, from Rs 668.1 crore. This fall was on account of no dividend income in the December quarter.
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